World's 8th Richest Man Loses 34.5 Billion Dollars - Polidicks

[url]http://finance.yahoo.com/blogs/daily-ticker/billionaire-millionaire-one-day-134444038.html[/url] [quote]Last March the Brazilian commodities tycoon ranked as the world’s eighth richest person with a net worth of $34.5 billion. His net worth today: $200 million, according to Bloomberg Billionaires. Related: Facebook Surges and Mark Zuckerberg Pockets $3.8 Billion Batista, who has been called the Donald Trump of Brazil, may have suffered one of the “worst wealth losses in history,” says Bloomberg Billionaires Index editor Matt Miller. “He was the face of Brazilian capitalism. He’s mired in debt. This is a tragic fall for him.” Most of Batista's problems stem from the erosion of nearly 90% of the value in his flagship company, OGX Petroleo & Gas Participacoes SA (OGXP3). Shares in the business have plummeted in the last year as the company missed targets for production output and reserves.[/quote] I think this has to be a record

At least you can still live like a pimp, sitting on $200 mill. You might not be gold plated diamond studs on everything platinum pimp rich, but you're still there.

Crazy to think how $200 million seems like pocket change compared to what he had.

how does one even do this

[QUOTE]"I suffered very heavy asthma, so my mother threw me in the cold swimming pool," Batista said. "So I cured my asthma through discipline, and I saw that you could achieve things by performing, and it's part of my DNA… I'm very competitive." Well, Batista now has one year and five months to earn back $66.8 billion.[/QUOTE] This is a really interesting Character. Calling him the Donald Trump of Brazil seems fitting.

[QUOTE=Cureless;41609633]At least you can still live like a pimp, sitting on $200 mill. You might not be gold plated diamond studs on everything platinum pimp rich, but you're still there.[/QUOTE] man, I could live modestly for the rest of my life, and comfortably, off just 1 mil

It was just paper wealth from the sound of it. That is, based on an inflated stock price. It's not as if 34 billion in actual money or property disappeared.

Maybe he can trick the government into giving him all his money back like the real trump!

It sounds like he still personally has the same amount of money, it's just that his company is in the shit right now so his personal worth has plummeted.

[QUOTE=Furioso;41609648]man, I could live modestly for the rest of my life, and comfortably, off just 1 mil[/QUOTE] 1mil really isn't a lot of money especially if you're trying to retire at like 20 with it.

Money equals wealth but wealth does not equal money. His net worth just took a nose dive because his company lost a lot of value. I don't think there's a single billionaire that has an actual billion dollars. It's all locked up in assets. In this case, OGX Petroleo & Gas Participacoes SA. When your assets take a hit, your networth takes a hit. When your assets go up, your networth goes up. That's how billionaires are made. Still rich as fuck though.

[QUOTE=Furioso;41609648]man, I could live modestly for the rest of my life, and comfortably, off just 1 mil[/QUOTE] How? I mean with the cost of housing, utility bills, food, cars, ect. I don't think you can live the rest of your life off of just 1 million.

I take that back there's probably a few people that got a billion [I]dollars[/I] floating around through various accounts.

I would rather have less wealth and have it all be liquid and stable than more wealth that is tied up in assets and controlled by the market.

[QUOTE=.FLAP.JACK.DAN.;41609878]How? I mean with the cost of housing, utility bills, food, cars, ect. I don't think you can live the rest of your life off of just 1 million.[/QUOTE] If you got a ~75K a year income, and lived how you did then, $1,000.000 would last you a bit over 13 years.

Sucks being a millionaire in this day and age. $3.00 for some milk $6.00 for eggs

[QUOTE=LegndNikko;41609979]If you got a ~75K a year income, and lived how you did then, $1,000.000 would last you a bit over 13 years.[/QUOTE] Fuck give me 26-30k a year. Last me more than 33 years.

[QUOTE=.FLAP.JACK.DAN.;41609878]How? I mean with the cost of housing, utility bills, food, cars, ect. I don't think you can live the rest of your life off of just 1 million.[/QUOTE] Real estate. If you own three blocks of land or three houses, the net income from that alone guarantees you with money in your pocket at the end of the week including utilities, real estate port folios are what keep you in the game for life.

[QUOTE=Furioso;41609648]man, I could live modestly for the rest of my life, and comfortably, off just 1 mil[/QUOTE] If you cut back spending a lot maybe. That's like 1400 per month to spend for 60 years. That's very very low unless you're living by yourself only and buy almost nothing. If you had a low end but comfortable job that added maybe another 1000 per month that'd be much easier though. Maybe work 20 hours a week and you could live much more comfortably.

Could you put a million in the bank and live off interest?

[QUOTE=.FLAP.JACK.DAN.;41609878]How? I mean with the cost of housing, utility bills, food, cars, ect. I don't think you can live the rest of your life off of just 1 million.[/QUOTE] More like 5 million if you're looking to budget yourself to 1k a week.

[QUOTE=SubbyV-2;41610721]Could you put a million in the bank and live off interest?[/QUOTE] if you get good interest rates yeah but it wouldn't be the most comfortable living wage

Wait a minute... "Bloomberg Billionaires Index editor Matt Miller." [img]http://s3.gamefreaks.co.nz/wp-content/uploads/2011/10/Matt-Miller.jpg[/img] Matt strikes again!

[QUOTE=butre;41610788]if you get good interest rates yeah but it wouldn't be the most comfortable living wage[/QUOTE] If you worked out a spending curve you could take a percentage out over time so that you'd use all your money up as you end up near death. Not much spending early on and speed it up as interest drops with less cash in the bank. Would be pretty tricky I think.

I guess he went all in on the Steam sale...

[QUOTE=JCDentonUNATCO;41609841]1mil really isn't a lot of money especially if you're trying to retire at like 20 with it.[/QUOTE] If you invest it well you'd definitely do well.

[QUOTE=SubbyV-2;41610721]Could you put a million in the bank and live off interest?[/QUOTE] Living off interest is a pretty shit idea unless you're sitting on tens of millions at least. Even then, usually only back-up money in case of shit just like this is put into interest funds on high rates to avoid losing everything. Trading in forex, stocks and assets such as real estate is where the money is made. It's fairly risky, as this case demonstrates, but it's not that it's a gamble - smart choices are the name of the game. It's almost indubitably the better choice to stick that 1mil in the game and start earning. Hell, people start out with $500 and hit $1000 in months if they play it well, imagine what you could do with a mil.

With 200 million he can pick himself up and get back in the race.

[QUOTE=person11;41609901]I would rather have less wealth and have it all be liquid and stable than more wealth that is tied up in assets and controlled by the market.[/QUOTE] But then you're not shielded from inflation and currency shocks. There's a reason you're meant to diversify your assets.

Good point. In theory you are right, in practice, simply having everything in dollars is rather safe, unless you are a Ron Paul fan (even though the price of gold is falling).